According to Benzinga, Piper Jaffray published a bullish research report on Cree Inc (CREE) saying the company remains the LED leader in China and that China based LED companies are still 2-3 years behind on technology.  As a result, the firm believes CREE will be a big beneficiary of the ongoing demand for LED street lamps which is a market they believe will grow another 80% this year.  CREE currently owns a 70% share of the outdoor lighting market in China.  Piper maintains its Overweight rating and $30 price target.

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Shares of CREE have been on a tear in the past few months, rising 50% and are currently trading above resistance of the important 200 day moving average.  I do believe the $20 level is THE long term bottom.   Any pull backs off this surge would provide a great long term entry point in this LED leader.